The Hindu Business Line : Volatile movement

Today's market witnessed volatile movement. The sentiment reading of the tradable counters turned to sideways mode. Bull domination on Thursday is likely to change the sentiment reading in their favour. On the contrary, sentiment reading is likely to turn bearish.

Nifty futures

The June month contract opened with a bull gap of around 48 points. The June month contract moved within an intraday range of 173 points. It closed with a gain of around 18 points from its previous close.

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Market movement during the day triggered all the short exit, long entry and long exit levels. The position in the June month contract remains sideways. Both the short entry and long entry levels are placed quite far away from its last traded price. These levels are unlikely to be triggered during Thursday's trading.

Stock futures

The composition and the ranking of the top-10 tradable list had no changes. The top-three tradable counters in this segment were Reliance, Tata Steel and Infosys.

Three uptrend counters in the list are likely to be under threat for Thursday's trading. There are no buying opportunities for Thursday's trading. Selling opportunities are likely to exist in Reliance, Hindalco and Maruti. The best is likely to be selling in Maruti. This counter is in sideways mode. Bear move on Thursday is likely to initiate fresh down trend in this counter.

Cash segment

The composition of the top-10 tradable had no changes. However, the ranking of the top-10 tradable counter had minor changes. Reliance Capital moved to seventh and Infosys moved to eighth position.

Bear domination on Thursday is likely to terminate four uptrend counters in the list. Four buying and three selling opportunities are likely to exist for Thursday's trading. The best among the above is likely to be selling in SAIL. Bear domination on Thursday is likely to trigger the downtrend in SAIL.

(Note: All price levels refer to the absolute value of the shares traded on the NSE. There is risk of loss in trading.)

The author is a technical analyst and fund management consultant.